Taxation of Real Estate Investment Trusts (REITs) in the United States and of their German Shareholders E-Book
Katja Schlemmbach
36,99 €
Mehr erfahren.
- Herausgeber: GRIN Verlag
- Sprache: Englisch
Bachelor Thesis from the year 2008 in the subject Business economics - Accounting and Taxes, grade: 1.3, Wiesbaden University of Applied Sciences, language: English, abstract: Die Arbeit beschäftigt sich mit den besonderen Vorschriften des US-Steuerrechts für REITs. Außerdem werden das deutsch-amerikanische DBA und Provisionen des dt. Steuerrechts für Anleger des US-REITs betrachtet. - This thesis treats the provisions of the US tax lax concerning REITs and the provisions of the DTA and the US and the german tax law regarding the shareholders of those REITs.
Das E-Book können Sie in Legimi-Apps oder einer beliebigen App lesen, die das folgende Format unterstützen:
Veröffentlichungsjahr: 2012
Ähnliche
Page 1
UNIVERSITYOFAPPLIED SCIENCES WIESBADEN
TAXATIONOFREAL ESTATE INVESTMENT TRUSTS (REITS)
Examiner: Professor Dr. Wolfgang Bardorf Second Examiner: Professor Dr. Franz Giesel
Presented by: Katja Schlemmbach
Page 2
7$%/(2)&217(1766
7$%/((2),//8675$7,216 9 $%%5(9,$7,216 9, ,1752'8&7,21 352%/(0'(),1,7,21
'2:15(,76
(&2120,&&3(5)250$1&($1'',1'8675<*52:7+ 35(5(48,6,7(6672%((7$;(''$66$$5(,77,17+((86
*(1(5$/6758&785(
(/(&7,2172%(7$;('$65(,7
7(67
7(67
)$,/85(2)7+($66(77(676 ,1&20(7(676
7(67
7(67
Page 4
7$;$7,212))6+$5(+2/'(56866+$5(+2/'(56
',675,%87,216)520($51,1*6$1'352),76
&$3,7$/*$,16',9,'(1'6
7$;(;(0376+$5(+2/'(56
2UGLQDU\\'LYLGHQGV
*(50$1,1&20(7$;$7,21
&RUSRUDWH,QYHVWRUV
$33(1',; 9,,, %,%/,2*5$3+< ;9, */266$5< ;;;, $)),50$7,21;;;,,,
Page 5
7$%/(2),//8675$7,216
)LJXUH2YHUYLHZZRYHUUQXPEHUURISXEOLFF5(,7V
)LJXUH6WUXFWXUHRIDQ8PEUHOOD3DUWQHUVKLSS5(,7
)LJXUH3URSHUW\\W\SHV5(,7VLQYHVWLQDVRI'HF
)LJXUHÄ$VVHW7HVW³³SURYLVLRQV
Page 6
$%%5(9,$7,2166
Page 8
,1752'8&7,211
352%/(0'(),1,7,21
7KLV %DFKHORUU 7KHVLV DERXW WKH WD[DWLRQ RI 5HDO (VWDWH ,QYHVWPHQW 7UXVWV 5(,7LQ WKH8QLWHGG6WDWHVDQGGRI*HUPDQLQYHVWRUVJLYHVDQRYHUYLHZZRYHUUWKHSURYLVLRQVRI WKH,QWHUQDO5HYHQXH&RGHDQGGVRPHVSHFLDOUXOHVDQGGUHJXODWLRQVIRUU5(,7VLVVXHGG E\\ WKH 8QLWHGG 6WDWHV 7UHDVXU\ DQGG WKH ,QWHUQDO 5HYHQXH 6HUYLFH )XUWKHUPRUHLW UHJDUGV ZLWKKROGLQJJWD[[LVVXHVIRUU IRUHLJQLQYHVWRUV FRQVWLWXWHGGE\\ 86 WD[[ ODZLQDGGLWLRQ WR WKHSURYLVLRQVRI WKH 'RXEOH 7D[DWLRQ 7UHDW\\ EHWZHHQ WKH 86 DQGG *HUPDQ\
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|UVHQQRWLHUWHQ $QWHLOHQRI0D\\ZKLFKZDVGDWHGGEDFNNWR-DQXDU\
5HDO (VWDWH,QYHVWPHQW7UXVWVKDYHD VSHFLDOSRVLWLRQLQ86IHGHUDO DQGG VWDWH WD[[ ODZZKLFKLVRQO\\UHFRJQL]HGGLIDOOWKHSUHUHTXLVLWHVGHVFULEHGGLQWKHWKHVLVDUHEHLQJJPHW$GGLWLRQDOO\ WKH5(,7VWDWXVKDVWR EH DFWLYHO\\ HOHFWHGG EHIRUH WKH WD[DWLRQ DFFRUGLQJJWRWKRVHSULQFLSOHVLVSRVVLEOH
5HDO(VWDWH,QYHVWPHQW7UXVWVKDYHWKHLUURULJLQLQWKH8QLWHGG6WDWHVIURPPZKHUHWKH\\VSUHDGGRXWLQWRWKHZKROHZRUOG7RGD\WKLVZD\\IRUUUDWKHUUVPDOOLQYHVWRUVWRLQYHVWLQUHDOHVWDWHLV SRVVLEOHDQGG HVWDEOLVKHGGLQRYHUUFRXQWULHVDURXQGG WKHJOREH'HSHQGLQJJRQ WKHFRXQWU\HQWLWLHVKDYHWRPHHW GLIIHUHQWVWDQGDUGVXVXDOO\\ FRQFHUQLQJJRUJDQL]DWLRQDQGGLQFRPHDQGGDVVHWW\SHVDVZHOODVWKHGLVWULEXWLRQRIWKDW LQFRPHWRTXDOLI\\IRUUWKH5(,7VWDWXVDQGGHQMR\\FHUWDLQWD[[EHQHILWV
VHH=XFNHU2SZZZNSPJGH
Page 9
$3352$&++2)),19(67,*$7,21
7KLVSDSHUULVGLYLGHGGLQWRVL[[FKDSWHUV$WWKHEHJLQQLQJJWKHUHDGHUUZLOOREWDLQVRPHJHQHUDOLQIRUPDWLRQDERXW5(,7VWKHLUUKLVWRU\DQGGOHJDOGHYHORSPHQWVDVZHOODVDQRYHUYLHZZRYHUUWZRVSHFLDO5(,7VWUXFWXUHVWKDWGHYHORSHGGRYHUUWLPH7KLVLVIROORZHGG E\\ D EULHIGHVFULSWLRQRI WKH HFRQRPLFSURJUHVVDQGG VLWXDWLRQ RYHUU WKH ODVW IRXUGHFDGHV
&KDSWHUUWKUHHGHVFULEHVWKHLPSRUWDQW UHTXLUHPHQWV FRQFHUQLQJJRUJDQL]DWLRQPDQDJHPHQWDQGGRZQHUVKLS DVZHOODVLQFRPHWKH5(,7FDQUHFHLYHDQGG DVVHWVLWFDQ KROG)XUWKHUPRUHWKHGLVWULEXWLRQ UHTXLUHPHQWVDUH H[SODLQHG $OO RI WKRVH VWDQGDUGV DUHLQDFFRUGDQFHZLWKK RI WKH ,QWHUQDO5HYHQXH &RGH ,5&ZKLFKKHVSHFLDOO\\WUHDWV5(,7V
7KHIRXUWKKFKDSWHUUFRYHUVWKHWD[DWLRQRI5(,7V,WLVVKRZQZKLFKNLQGVRILQFRPHDUH WD[HGGLQVSHFLDOZD\VDQGGKRZZWKH5(,7FDQDYRLG WD[DWLRQ DOPRVWFRPSOHWHO\$QRWKHUULPSRUWDQWSRLQWLVWKHVWDWHDQGGFLW\\WD[DWLRQ(YHU\IHGHUDOVWDWHLQWKH86 DQGGVRPHFLWLHVOLNH1HZZ<RUN&LW\\KDYHWKHULJKWWRLPSRVHWKHLURZQWD[HVDQGGWKHUH DUHVRPHGLIIHUHQFHVEHWZHHQWKHVWDWHVZKLFKZLOOEHVKRZQ
7KHILIWKKFKDSWHUUWUHDWVWKHWD[[WUHDWPHQWRIWKH5(,7¶VVKDUHKROGHUV,WGHSHQGVRQ WKH IDFWZKHWKHUUWKHLQYHVWRUVDUH86FLWL]HQVRUU IRUHLJQHUV EHFDXVH IRUU IRUHLJQ VKDUHKROGHUV86ODZWKHWD[[WUHDWLHVDQGGWKHVSHFLILFFODZVRIWKHKRPHFRXQWU\DUHGLIIHUHQW)RUU*HUPDQLQYHVWRUVHVSHFLDOO\\WKHGRXEOHWD[DWLRQWUHDW\\ZLWKKWKH8QLWHGG6WDWHVDVZHOODVWKH*HUPDQ,QFRPHWD[DWLRQDUHLPSRUWDQWIRUUFDOFXODWLQJJWKHWD[HV
)LQDOO\WRFRQFOXGHWKHWKHVLVWKHODVWFKDSWHUUZLOOJLYHDVKRUWIXWXUHIRUHFDVWDERXWWKHH[SHFWHGGHFRQRPLFVLWXDWLRQDQGGSHQGLQJJWD[[ODZZKLFKZLOOKDYHDQLQIOXHQFHRQ5(,7VLQWKHQH[W\HDUV
Page 10
*(1(5$//,1)250$7,211$%28775(,766
'(),1,7,2112))5($//(67$7((,19(670(177758676
³7KH\>5HDO(VWDWH ,QYHVWPHQW 7UXVWV@@ DUH UHDO RSHUDWLQJ FRPSDQLHV WKDW OHDVH
6WDQ5RVV
5(,7VDUHPXWXDO UHDOHVWDWH IXQGV ,QDRI WKH ,5& WKH\\ DUHGHILQHGGDVFRUSRUDWLRQWUXVW RUU DVVRFLDWLRQWKDW VSHFLDOL]HVLQLQYHVWLQJJLQUHDOHVWDWH DQGGUHDOHVWDWHPRUWJDJHV7RTXDOLI\\DVD5(,7WKRVHFRPSDQLHVKDYHWRPHHWVL[[GHILQHGGIRUPDOUHTXLUHPHQWVDQGGKDYHWRHOHFWWREHWD[HGG DV5(,7VLQRUGHUUWRUHFHLYHWD[[ EHQHILWV%HVLGHVWKH VL[[LQLWLDOUHTXLUHPHQWVWKH\\ DOVRKDYH WRFRPSO\\ZLWKKVHYHUDO WHVWVUHJDUGLQJJDVVHWV DQGGLQFRPH GXULQJJWKH WD[[SHULRGVWRUHWDLQWKHLUU VSHFLDO
5(,7VUHFHLYHIHGHUDO WD[[FUHGLWVHTXDO WR WKHGLYLGHQGV GLVWULEXWHGGWR WKHLU
5(,7+,6725</(*$//'(9(/230(176
5(,7VKDYHWKHLURULJLQLQWKH8QLWHGG6WDWHVZKHUHWKH\\ZHUHILUVWGHILQHGGLQWKH5HDO(VWDWH,QYHVWPHQW7UXVW$FWRI7KHOHJLVODWLRQLQWHQGHGGWRRIIHUUDQRSSRUWXQLW\\IRUULQGLYLGXDO LQYHVWRUVWRLQYHVW LQ UHDOHVWDWHSRUWIROLRV ZKLFKDUHGLYHUVLILHGGDQGGSURIHVVLRQDOO\\PDQDJHGGDVZHOODVWRSURYLGHWD[[DQGGRWKHUUEHQHILWVWKDWFRXOGGRQO\\EHXVHGGE\\ODUJHLQYHVWRUVEHIRUH$IWHUUWKHSDVVLQJJRIWKHDFWE\\WKH86&RQJUHVV
7KHRULJLQDOODZZSURYLGHGGPDQ\\UHVWULFWLRQVWR5(,7DFWLYLWLHVZKLFKZHUHVLJQLILFDQWO\\ HDVHGGE\\WKH7D[5HIRUP$FWRI:KHUHDVWKH5(,7PDQDJHPHQWZDVLQLWLDOO\\
%ORFN5DOSK/S
6WDQ5RVVLVDIRUPHUUPDQDJLQJJSDUWQHUURI(UQVW<RXQJ¶V5HDO(VWDWH*URXSVHH,QWHUQDO5HYHQXH&RGHDVHH&&+,QFHG860DVWHUU7D[[*XLGHSVHH&DUQHYDOHGH%UHH6FKQHLGHUUUU:LWWS$VHH%ORFNNSVHH%ORFNNS
VHH&DUQHYDOHGH%UHH6FKQHLGHUUUU:LWWS$VHH%ORFNNS
Page 11
REOLJHGG WR HQJDJH H[WHUQDOFRPSDQLHVWRSHUIRUP FHUWDLQVHUYLFHV OLNHSURSHUW\\OHDVLQJJDQGGPDQDJHPHQWVHUYLFHVDIWHUUWKHUHIRUPPWKH\\FRXOGGH[HFXWHWKRVHVHUYLFHVLQVLGHWKH RUJDQL]DWLRQ 7KLVFKDQJH ZDVH[WUHPHO\\LPSRUWDQWEHFDXVH HVSHFLDOO\\
:LWKKWKH5(,7VEHFRPLQJJPRUHLPSRUWDQWLQQRYDWLYHIRUPVRIWUXVWVGHYHORSHG,QWKHHDUO\\ V WKH³8PEUHOOD3DUWQHUVKLSS 5(,7V³³ 835(,7V DQGG 'RZQ5(,7VZHUH LPSOHPHQWHG5HDO HVWDWH RZQHUVZHUHORRNLQJJ IRUU RWKHUUZD\VRI ILQDQFLQJZKLFKWKH\\ IRXQGGZLWKKWKH QHZZFRQVWUXFWLRQVWKDW DOORZHGG WKHPP DFFHVV WRFDSLWDO PDUNHWVDQGGLWDOVRJDYHDOUHDG\ HVWDEOLVKHGGUHDOHVWDWHFRPSDQLHVWKH RSSRUWXQLW\\ WR EULQJJ
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
VHH%ORFNNS
VHH%ORFNNS
VHH&DUQHYDOHGH%UHH6FKQHLGHUUUU:LWWS$VHH%ORFNNS
VHH1DWLRQDO$VVRFLDWLRQRI5HDO(VWDWH,QYHVWPHQW7UXVWVHGZZZQDUHLWFRPP
Page 12
7RGD\\ 5(,7V DUHLPSRUWDQW LQYHVWPHQW LQVWUXPHQWV ZKLFKDUH EHFRPLQJJPRUHDQGGPRUH SRSXODUUDOO RYHUU WKHZRUOG,Q WKH 86PRVW5(,7V DUH IXOO\\LQWHJUDWHGG FRPSDQLHVQRZDGD\V DQGGKDQGOHDOO WKHLUU RSHUDWLRQVLQWHUQDOO\0DQ\\ IHGHUDO DQGG VWDWHODZVKDYHEHHQLVVXHGGFRQFHUQLQJJWKHVSHFLDOWUHDWPHQWRI5(,7VDQGGVRPHDUH VWLOOSHQGLQJ ZKLFKDPRQJJ RWKHUVFRQFHUQWKH WUHDWPHQWV RI IRUHLJQLQFRPHDQGGLQYHVWPHQWV
7<3(662)5(,766
7RGD\WKHUHDUHPDQ\\GLIIHUHQWW\SHVRI5(,7V6RPHRIWKHPPDUHSXEOLFO\\WUDGHGGDW RQHRIWKHPDMRUUVWRFNNH[FKDQJHV DQGGUHJLVWHUHGGZLWKKWKH6HFXULWLHVDQGG([FKDQJH &RPPLVVLRQ DQGG VRPH DUHKHOGG SULYDWHO\ :LWKLQWKH ODVW \HDUVWKH QXPEHUU RISXEOLFO\\WUDGHGG5(,7VKDVUDQJHGGIURPPWRSHUU\HDUUZLWKKLWVFOLPD[[LQ$WWKHHQGGRIWKHUHH[LVWHGGSXEOLFF5HDO(VWDWH,QYHVWPHQW7UXVWVLQWKH8QLWHGG
(TXLW\5(,7VDUHWKHELJJHVW
JURXS7KH\\SULPDULO\\HQJDJH LQDFTXLVLWLRQPDQDJHPHQWDQGG VDOH RISURSHUW\7KHLUUHYHQXH FRQVLVWV PDLQO\\RIUHQW7KH VHFRQGGJURXS LV0RUWJDJH 5(,7VZKLFKK FRQFHQWUDWHRQLQYHVWLQJJ LQ SURSHUW\\6RPHWLPHV WKH\\ DOVR WDNH
ORDQV IURPP D EDQNN DQGGUHOHQGGWKHPP DWKLJKHUU UDWHVWRUHDOHVWDWHLQYHVWRUV7KHLUUHYHQXHV FRPH PDLQO\\IURPP WKH HDUQHGGLQWHUHVW +\EULG 5(,7VDUH WKH WKLUG DQGG VPDOOHVWJURXSSRIUHDOHVWDWHLQYHVWPHQWWUXVWVZKLFKFRPELQHERWKKLQYHVWPHQWIRUPV 7KH\\LQYHVW LQ UHDOHVWDWH DVZHOODVLQ UHDOHVWDWHPRUWJDJHVDQGG WKXVJHQHUDWH UHYHQXHVIURPPLQWHUHVWUHQWDQGGFDSLWDOJDLQV
VHH%DNHU'RQHOVRQ%HDUPDQ&DOGZHOO%HUNRZLW]]ZZZPDUWLQGDOHFRPPVHH1$5(,7HGZZZQDUHLWRUJJVHH5(,71HWHGZZZUHLWQHWFRPUHLWVW\SHVSKWPOVHH5(,7V$QOHJHUUHGZZZUHLWVDQOHJHUGHUHLWDUWHQSKSS
Page 13
UHZDUGG SRWHQWLDO7RGD\\ (TXLW\\ 5(,7V)LJXUHH6KDUHHRIIWKHHGLIIHUHQWWW\SHVVRII5(,7VV6RXUFHRZQHODERUDWLRQGDWDIURP
1$5(,7HG
63(&,$//5(,76758&785(6
8
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³SXW´´ WKHLU /3LQWHUHVWWRWKH5(,7RUUWKH23DQGGZLOOREWDLQ5(,7VKDUHVRUUFDVKKDVDRQHWR RQHH[FKDQJH+RZHYHUWKHFRQYHUVLRQRI/3LQWHUHVWLQWR5(,7VKDUHVZLOOEHIXOO\\ WD[DEOHDIWHUUD%DQGGRIWKH,QWHUQDO5HYHQXH&RGH)XUWKHUPRUHLI SURSHUW\\WKDWZDVWUDQVIHUUHGGWRWKHXPEUHOODSDUWQHUVKLSSKDVEXLOWLQJDLQVLWLVWD[HGG
VHH5(,71HWHGZZZUHLWQHWFRPUHLWVW\SHVSKWPO
VHH&KLOFRWH/KWWSOLEUDU\ILQGODZFRP$XJKWPOVHH&DUQHYDOHGH%UHH6FKQHLGHUUUU:LWWS$VHH&DUQHYDOHGH%UHH6FKQHLGHUUUU:LWWS$
